Goodwill and Intangible assets, net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible assets, net

The changes in the net carrying amount of goodwill are as follows (in millions):


	Total
Balance as of December 31, 2024	$	3,212
Foreign currency translation	—
Balance at March 31, 2025	$	3,212

Intangible assets by asset class are as follows (in millions):


	March 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets:
Customer-related and contract based intangibles	$	3,192	$	796	$	2,396	$	3,192	$	742	$	2,450
Technology related intangibles	230		143		87		230		133		97
Trade name	408		107		301		408		100		308
Total	$	3,830	$	1,046	$	2,784	$	3,830	$	975	$	2,855

Amortization expense from finite-lived intangible assets for the three months ended March 31, 2025 and 2024 was $71 million and $71 million, respectively. Amortization expense from finite-lived intangible assets was recorded in Depreciation and intangible amortization in the Condensed Consolidated Statements of Comprehensive Income (Loss).

The following table reflects intangible assets net carrying amount and weighted-average remaining useful lives as of March 31, 2025 and December 31, 2024 (in millions, except for years):


	March 31, 2025			December 31, 2024
	Net Carrying Amount		Weighted-Average Remaining Useful Lives	Net Carrying Amount		Weighted-Average Remaining Useful Lives
Intangible assets:
Customer-related and contract-based intangibles	$	2,396	11.2	$	2,450	11.5
Technology-related intangibles	87		2.3	97		2.6
Trade name	301		11.2	308		11.4
Total	$	2,784		$	2,855

Subsequent to March 31, 2025, the annual amortization expense is expected to be as follows (in millions):


	Customer-Related and Contract Based Intangibles		Technology Related Intangibles		Trade Name Intangibles		Total
2025 (April - December)	$	160	$	29	$	21	$	210
2026	214		38		27		279
2027	214		19		27		260
2028	214		1		27		242
2029	214		—		27		241
Thereafter	1,380		—		172		1,552
Total amortization expense	$	2,396	$	87	$	301	$	2,784